Orbit International Reports Consolidated Bookings for the First Quarter 2024 of Approximately $12,700,000
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HAUPPAUGE, N.Y., April 04, 2024 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC Expert Market:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for the first quarter of 2024 were approximately
Bookings for the quarter were attributable to strong bookings from both the Company’s Electronics Group (“OEG”), which include its Simulator Products Solutions LLC (“SPS”) subsidiary, and its Power Group (“OPG”). Bookings for the OEG, exclusive of SPS, were in excess of
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report a very strong start to the 2024 year with consolidated bookings for the first quarter of approximately
Binder added, “Our OPG also had a strong quarter, highlighted by a large order for power supplies utilizing its VPX technology, which we believe will result in a follow-on order either by year-end or in early 2025. In addition, our OPG received an order for a commercial power supply used in a military application that was in excess of
Binder added, “In addition to the strong bookings by our legacy businesses, orders received by SPS were approximately
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facilities in Hauppauge, NY and Carson, CA. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, VME/VPX power supplies as well as various COTS power sources.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
CONTACT
David Goldman
Chief Financial Officer
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FAQ
What were Orbit International Corp.'s consolidated bookings for the first quarter of 2024?
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